Compensation Management Functions & Features

Compensation is the remuneration received by an employee in return for his/her contribution to the organization. Compensation Management is the practice of providing monetary and often non-monetary benefits to employees.. Compensation Management Functions & Features are an important module of the comprehensive HCM RFP Template.

The HCM RFP template with Compensation Management Functions & Features for HCM is a Microsoft Excel spreadsheet (.xlsx) featuring a total of 1430 decision criteria. The HCM RFP template allows you to quickly and easily prepare the business, functional, and technical requirements sections of the solicitation package you'll send to HCM software vendors. It ensures for:

complete response from each HCM software vendor
deep and accurate evaluation of submitted HCM proposals
impartial side-by-side comparison of HCM solutions evaluated
rational and documented selection of the best matching HCM system

The HCM software comparison report can save you up to 90% of the time you would have otherwise spent comparing all the HCM solutions from scratch.

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The Compensation Management Functions & Features comprise the following elements:

Compensation Analytics and Reporting
Functionality below includes Generates merit matrices and management reports to help with salary planning;Analyzes cost-effectiveness of employee compensation programs;Generates reports of payees' compensations that were based on rate tables;Generates reports of payees' compensations that were based on commission schedules;Compensation statements can be exported as different digital formats;. Compensation Analytics and Reporting, Compensation Management Functions & Features
Compensation Award Administration
Execute compensation plan awards to the employee level Compensation Award Administration, Compensation Management Functions & Features
Compensation Planning
Planning for base salary, bonus, and award programs includes development of guidelines, eligibility rules, award ranges, market reference points, etc. Compensation Planning, Compensation Management Functions & Features
Payout Schedule Management
This covers Payouts based on a weekly schedule;Payouts based on a bi-weekly schedule (payroll date);Payouts based on a monthly schedule;Payouts based on a quarterly schedule;Payouts based on a customized schedule;Incentives can be paid on a rolling basis;. Payout Schedule Management, Compensation Management Functions & Features
Compensation Calculations
Major modules covered Automatically calculates earned compensations;Automatically calculates accrued compensations;Automatically calculates paid compensations;Calculates seasonal bonuses;Calculates SPIFs (incentive for new business opportunities brought);Pay additional amounts for performance above a set percentage or level;. Compensation Calculations, Compensation Management Functions & Features
Compensation Modeling
Major modules below include HR "budgeting" for overall and departmental headcount and salaries;Manages bonuses;Manages gainsharing;Manages incentive wage systems;Uses dollars as a performance measure rule to manage compensation;Uses units as a performance measure rule to manage compensation;. Compensation Modeling, Compensation Management Functions & Features

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Compensation Management Functions & Features

Compensation Analytics and Reporting

Compensation Award Administration

Compensation Planning

Payout Schedule Management

Compensation Calculations

Compensation Modeling